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ST. LOUIS, Mo. — Just imagine being one year, one semester, or even one week away from graduating. Then, it’s not happening anymore. That’s what happened to the students and staff at Vatterott. As you can imagine, that led to thousands of students being left on the hook for a countless amount of student loans taken out to attend this college.

The school released a statement pointing to financial hardships, and the federal government, as the deciding factor in this decision.

So, you may be asking what does this mean for students and staff? School administrators say student credits may transfer to another institution and they are attempting to find a place that will take them. They encouraged students to apply for Federal closed-school loan discharge – that would essentially forgive their student loans. Additionally, administrators say they are making arrangements for permanent student records.

It doesn’t get any better for employees. They are discharged from their jobs immediately. All employee benefits, including health care, are cut immediately and their final paycheck will be paid up until Dec 17.

This decision by the school to close gutted a deal that would’ve sold the school to another for-profit education company as well.

The federal government provides assistance to students if the school they’re attending suddenly closes. Find out more about that program here.